Question: After much analysis, Wall Street experts expect PFE to generate the following free cash flows (FCF) over the next 5 years: Year 1 2 3

After much analysis, Wall Street experts expect PFE to generate the following free cash flows (FCF) over the next 5 years:

Year

1

2

3

4

5

FCF ($ millions)

33

18

26

12

15

After year 5, they expect FCFs to have a lower annual growth rate of 3 percent. PFE's weighted average cost of capital is 9%.

What is the enterprise value of PFE (in $millions) closest to?

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